INCOME TAX FILLING

BENEFITS OF FILING INCOME TAX RETURN

We should have to file our income tax returns on a timely basis, even if we don’t have as such liability or compulsory file income tax returns.

As for my concerned I personally suggest everyone to file your income tax return in an early stage of the life even if your income is not exceeding the limit or below taxable limit.

1. Firstly and foremost benefit is that whenever you need any kind of a loan i.e. Personal Loan, Home Loan and etc. from a bank or other non-financial Institutions, you are required to submit some basic important documents and your income proof that time your income tax return will be the most important documents for getting a loan otherwise it could be very difficult to easily get a loan.

2. Second important benefit is that when your employer or any other person has been deducted some percent % of amount in the form of “TDS” from your income and your income is below taxable limit than you can claim as a refund by filing your income tax return as NIL.

3. Third benefit is that you will get to know about your actual financial position by filing income tax return and you will be able to understand your total income generated from various sources such as:

v Income from salary and

v Income from house property as rental income and

v Capital Gain or Loss from Sale of Property

v Capital Gain or loss from investment in Stock Market

v Income from Business and Profession or Part time work

v Bank Fixed deposit interest

v Income and expenses for future prospect.

4. Fourth important Benefit is that if your income is exceeding the maximum limit and your income is comes with tax liability category and you don’t want to pay tax and in order to how you can save your hard earn money and realize that the importance of saving is must.

How you will be able to understand how you save your income tax by investing in some tax free investment products such as:

v By Buying Insurance Policy

v By Buying Health insurance policy

v Investment Post-office schemes

v Investment In PF account

v Investing in some Tax-saving Mutual Fund scheme.

v Investment in tax-saving Bank Fixed Deposits

v Investment in Stock market

v Donate to some registered NGOs and Prime Minister Relief Fund.

v Children Education tuition fees.

v Repayments of Home Loan, If any

*And claim as deduction while filing income tax return.

“In this fast growing world we should learned and understand how to handle our money our financial goals so that we should ready for any future unforeseeable situation and handle it.”

INCOME TAX UPDATES

Good news for taxpayers looking to file income tax return (ITR) for the Financial Year 2019-20. CBDT has notified the new ITR forms for FY 2019-20/ AY 2020-21 in line with the amendments made by the Finance Act.

The Central Board of Direct Taxes (CBDT) has notified the new Income Tax Return (ITR) forms for FY 2019-20/ AY 2020-21 (i.e. ITR 1 Sahaj, 2, 3, 4 Sugam), vide Income-Tax (12th Amendment) Rules, 2020.

Income tax return filing time !

ITR forms for the Financial Year 2019-20 and Assessment Year 2020-21.

Which one is applicable for You ....!

We will try to explain you with easy and an understandable manner,There are many income tax return forms available on the website, but it will depend on your sources of income for individual as well as others.

ITR-1 (Sahaj) - Income from salaries, 1 house property, and other sources)

ITR-2- Income from more than 1 house property and capital gain.

ITR-3- For individuals and HUF having income from Business or profession

ITR-4 - Presumptive business income tax return

ITR 5 - Filed by non individuals (Firms. LLP, BOI, AOP etc..)

ITR 6 - Companies

ITR 7 - Trust

ITR not processed by the tax department?

Here's what you can do….!

Once you have filed and verified your income tax return (ITR), then the next step is to wait for the tax department to process it and send you an intimation notice under section 143(1) regarding the same.

It is important to receive the intimation notice from the tax department to ensure that the income details and calculations mentioned by you in your ITR matches with the department's records and computation on a prima facie basis. Usually, the income tax department takes minimum one month to process the ITR.

If your ITR is not processed by the tax department within a particular period of time, then you can raise a grievance for the same.

Follow the steps below to raise the grievance.

Step 1: Visit www.incometaxindiaefiling.gov.in. Log in to your account.

Step 2: On the e-filing website, under the 'e-Nivaran' tab, select 'Submit Grievance' option.

Step 3: Select the 'Grievance' tab. Do cross check the personal details which are auto-populated.

Step 4: Select the following options to fill in the grievance details.

a) Resolution Sought From - Centralised Processing Centre for Income Tax Returns (CPC-ITR)

b) Grievance Category - Processing

c) Grievance Sub-category - Others - processing

d) Assessment year - 2020-21 for ITR filed for FY 2019-20. Similarly, if the return is not processed for the For FY 2018-19, then you will select assessment year 2019-20.

In the description box, you have to write the details of your grievance. You also have an option to upload supporting documents related to your grievance. Remember, only PDF files can be upload after selecting the appropriate option. Total attachment size cannot exceed 5 MB

Step 5: Click on preview and submit. On the new webpage, cross check all the details of your grievance before making a final submission.

Step 6: Click on Submit. Once your grievance is submitted, your grievance ID will be shown on your screen. Intimation will be sent on your registered email ID. A link will be shown to you to download your grievance.

Usually, the income tax department replies to grievances submitted within 7 to 10 days. You can also track your grievance on the e-filing website.

Track your grievance as on the e-filing website as follows.

Step 1: Login to your account on the www.incometaxindiaefiling.gov.in

Step 2: On the 'e-Nivaran' tab select, 'Grievance Status'.

Your pending grievance will be shown on your computer screen.

Usually, if there are issues, errors, omissions or irregularities in the income tax returns, then the income tax returns form doesn’t get processed. However, the taxpayer has the chance to rectify the problem by filing the revised income tax returns or by raising a grievance for ITR not processed